The purpose of this document is to provide you with information concerning The Credit Union at the University of Chicago (CUUC) and to provide a brief description of our programs and policies in response to frequently asked questions (FAQ).

The Credit Union at the University of Chicago (CUUC) is a nonprofit, cooperative financial institution owned and run by its members. We are dedicated to providing the highest quality service to our members at fair and reasonable rates, while maintaining our long-term financial stability.
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 GENERAL

What is a Credit Union?

A credit union is a nonprofit cooperative organized to encourage thrift and to provide credit at reasonable rates to its members. 
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 TIPS TO MAXIMIZE YOUR MEMBERSHIP

How do I join the Credit Union?

If you are a eligible to join, as outlined in the Membership section, simply stop by the Credit Union between 8AM and 4PM weekdays, at our offices in the Administration Building, 5801 S Ellis, lower level, just across from the elevator.  Please bring your employment ID and one government issued picture ID (such as a driver's license, passport or matricula).  There is a one time membership fee of $5 which is paid when you join.  At the same time - to become a member of a credit union - you will open a primary share savings account for $25 or more if you like.  Initially both amounts are accepted in cash only.  When you open your membership we will discuss your financial needs with you to see if other deposit accounts (such as checking or Club Accounts) or loans would be helpful.  When they first join, many of our members also sign up for payroll direct deposit in which the entire net paycheck is electronically deposited into your checking account each pay day.  Members also may want to sign up for a payroll deduction to make recurring deposits to Club and other accounts.  The process to establish your membership and open a checking account take about 15 minutes. 
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How do I transact on my accounts?

Deposit Accounts. 

Deposits to all accounts can be made (1) in person  or (2) by mail or (3) through payroll deduction.  Deposits to checking accounts and savings accounts can also be (4) arranged through payroll direct deposit or (5) through any ATM that accepts deposits.  Withdrawals from checking accounts of course are usually made by simply writing a check to another party or at any ATM.  Withdrawals from savings accounts are made by calling to request a check through our PASS 24/7 at 773-702-8100 or through your PC via Oasis On-Line.  You can also withdraw from your savings account an ATM. There are hundreds of Star surcharge free ATMs in the area where your CUUC card is accepted and there will be no ATM surcharge.  Click on Links at the left and then go to the Star Selector for more information.  These electronic services are explained in more detail in the Membership Section.

Loans

Repayments to all loans are made through payroll deduction.  Whether you are paid monthly or bi-weekly, loan payments are taken out of each paycheck to repay your loan.

Whether you are signing up for payroll direct deposit, payroll deduction or automated loan repayments, the Credit Union has the required forms.  Just see us, and we'll help you.

Since the Credit Union does not have cash, how do I get cash from my deposit accounts?

Using your CUUC VISA ATM/Debit Card is the best way.  There are several ways to do this.  First you can get cash from any ATM from both your savings and your checking accounts.  Each ATM establishes its own limits, usually in the $200 - $300 range, though some are less.  And be sure to acquaint yourself with the many Star Surcharge Free ATMs around the area, as explained above and on the Services page.  Secondly, when purchasing goods and services around town, use your ATM/Debit Card and request cash back from the merchant.  Most merchants will return a small amount of cash, often $25 or $50 or so.  Finally, when you regularly use your Debit Card for your purchases, you will find that you can carry less cash with you!  It saves time and provides greater personal security. 

LOANS

All members in good standing are eligible and encouraged to apply for a loan.   
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As a part of the loan review process, a credit report from a national credit reporting agency (credit bureau)  is run on each and every loan applicant and co-maker (if applicable) except for those loans which will be fully secured by shares. This practice includes applicants who are refinancing existing revolving personal loans.
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If your credit is good, and there is sufficient income, the loan is approved (subject to requirements of the specific types of loans.)
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• Loans to applicants whose history of repaying their obligations is questionable, i.e., records of charge-offs, accounts in collection, records of current delinquency as reported on their credit report (applicants are told if there are delinquencies/charge-offs reported and which creditor has reported such derogatory information and are given the opportunity to correct any erroneous information), or
  
• Loans where both the cash flow and asset coverage are deemed to be insufficient to repay the loan within the specified term, i.e., the borrower's Used Debt Ratio exceeds the limits set forth in the General Loan Considerations established by the Board of Directors. A Used Debt Ratio, which indicates that an excessive amount of your take home pay is going to pay your rent/mortgage plus your contractual obligations, will preclude the granting of a loan. A Used Debt Ratio is determined by dividing the applicant’s monthly obligations by the net take home pay.
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